Scotsman Guide > Commercial > Directories > September 2019

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Done Deals: September 2019


The following closed deals are advertised in this month issue of Scotsman Guide Commercial Edition.

Past Done Deals are in the archives. browse archives

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RCN Capital
South Windsor, CT
Contact: Stephen Ballard  |  (860) 479-6399  |
Property Photo   Property: Single-Family Home
Purpose: Fix & Flip
Loan Amount: $156,800
Location: New Orleans, LA
Date Funded: June 2019

An experienced investor was looking for a loan to purchase the subject property as a flip. RCN Capital was able to provide a loan at 85% LTV. The investor plans to spend about $48K on renovation costs that they will pay for out of pocket. Once complete, the investor anticipates a 48% return-on-investment.

Seattle Funding Group Ltd.
Bellevue, WA
Contact: John Odegard  |  (425) 455-1733  |
Property Photo   Property: Apartments
Purpose: Construction
Loan Amount: $8,500,000
Location: West Sacramento, CA
Date Funded: July 2019

The site is being developed by a proven professional and over 29x repeat client. The apartments will be walkable to a handful of dining establishments, River Walk Park, Old Sacramento and Golden 1 Center. There was a lot to like about this terrific project and the financing opportunity it presented.

Seattle Funding Group Ltd.
Bellevue, WA
Contact: John Odegard  |  (425) 455-1733  |
Property Photo   Property: Commercial
Purpose: Purchase
Loan Amount: $1,100,000
Location: North Las Vegas, NV
Date Funded: July 2019

Ground-up construction project of a 10,000 sq. ft. building was referred directly to SFG by the bank. Dunkin Donuts was a 50% client and the balance of building was unleased. That is why the bank could not finance the purchase. SFG could, and did so while being ready to close well within 30 days.

Great Neck, NY
Contact: Michael Ramin  |  (212) 201-0750  |
Property Photo   Property: Residential
Purpose: Refinance
Loan Amount: $1,600,000
Location: Miami Beach, FL
Date Funded: July 2019

This investment is for a private loan on a residential property located in Miami Beach, Florida. The property has 8 units. The borrower is refinancing into a 30-year note to pull additional equity from the stabilized property and to achieve a favorable interest rate.

South End Capital Corp.
Norwalk, CT
Contact: Myron Alford |  (617) 334-7718  |
Property Photo   Property: Used Auto Dealership
Purpose: Refinance
Loan Amount: $435,000
Location: Aurora, IL
Date Funded: July 2019
Broker Fee: $4,350

We funded this low doc refinance loan secured by a 3-building property comprised of a used auto dealership, an auto-body shop and an auto-paint shop. The co-borrower had a 667 credit score, but we underwrote the primary borrower’s higher score and provided a 5-year fixed, 30-year amortized loan at 7.5%.


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